1. Conduct a One-Sample Hypothesis Test of the Mean Individual Apartment Price in Melbourne

• According to the data that thereal-estate investorscollected, the mean individual apartment price within a 41-kilometer (about 25 miles) radius of the Central Business District of Melbourne is $453,993.94. You are going to use a hypothesis test to determine whether the true mean apartment price is higher than $453,993.94. Assume that apartment prices are normally distributed.
• i. The null and alternative hypotheses are as follows:
• H0: =$453,993.94
• HA: >$453,993.94
• Useyoursample of n = 300 and yourmeanto conduct a hypothesis test using a 5% level of significance to determine if the mean apartment price is more than $453,993.94. Refer to example 9.16 from your text for additional guidance.
• As part of your presentation to city government officials (Google Slides - Part 2), explain the results of the one-sample hypothesis test conducted based on your data, and determine whether or not to reject the null hypothesis. Additionally, make reference to any other statistics that you deem important in your own analysis of apartment prices. In light of your analysis, make a recommendation to the city government leaders regarding the accuracy of the information that the real-estate investors provided.

Hypotheses

H0:,=453993.9

H1:>453993.94

Level of Significance :=0.05

Sample Statistics

Sample Mean612466.1462

Sample Size300

Sample Standard Deviation247989.7244

Standard Deviation of the Sampling Distribution 14317.69341

P-Value0(two-tailed) -- cell C6 is ""1(left-tailed) -- cell C6 is "<"0(right-tailed) -- cell C6 is ">"DecisionIf P-value < , then we reject the null hypothesis (H0).orIf P-value > , then we fail to reject the null hypothesis (H0).

300 sample prices

462000

704000

220000

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